First-time investors flood Dubai's property market during Q1

Dubai's real estate market is attracting a new generation of investors following the impact of the coronavirus pandemic, new figures suggest.

According to the latest bulletin issued by Dubai Land Department (DLD), new investors in the emirate's property market totalled 5,683 in the first quarter of 2021, representing 64 percent of the total number of investors.

DLD said March recorded the second-highest number of real estate transactions since February 2017, with 6,590 real estate transactions valued at about AED22.9 billion ($6.2 billion), up by 43 percent in number and by 40 percent in value compared to March 2020.

The bulletin showed that real estate transactions in Q1 achieved a growth of 27 percent and 47 percent compared to Q1 2020 and Q1 2019 respectively.

DLD added that the figures showed that Dubai continued to hold the "trust of local and international investors".

The value of real estate brokerage commissions achieved in Q1 reached AED392 million, DLD also revealed.

According to the figures, most villa sales were seen in Hadaeq Sheikh Mohammed Bin Rashid during Q1, followed by Wadi Al Safa 5, Wadi Al Safa 7, Nad Al Sheba 1, and Al Thanyah Fourth. For apartment sales, Dubai Marina, Palm Jumeirah, Business Bay, Burj Khalifa, and Al Merkadh topped the list.